Fabra said: “In meetings with Ecclestone I explained how difficult it is right now for us to cover the budget, but I left the door open for the future, if we have different economic conditions and with the collaboration of the private sector.”

He also hit out at his Catalan counterpart Artur Mas, who initially agreed to alternate a single annual Spanish grand prix with Valencia.

“We had talks with (Catalunya president) Mas, but he changed his criteria. First he agreed, and then he did not,” Fabra is quoted as saying.

“I regret the change of position, as administrations should be loyal to their word and commitments,” he added.